The tank is amongst the most sacred of ancient Theerthas in our country. It is believed that once in 12 years Mother Ganga flows into this Theertha filling it with her bounty. This was stressed repeatedly by the Saint Vijayadasa in his kritis.
To experience the full realization of this theertha a comprehensive reading of the SKANDA PURANA – SAHYADRI KHANDA – Section is advised. This theertha is named Madhwa Sarovara from the original PAAPA NASHINI (washing away of sins) after the period of Acharya Madhwa.
In the South West corner of the Madhwa Sarovar is a beautiful deity of Bhagirathi seated on a crocodile. In the middle of the tank is a beautiful mantapa. The deites of the Ashta Mathas are specially worshipped (Ksheerabdi Pooja) on the evening of Utthana Dwadashi every year. During Rathosthsava Nights, floating festival or Teppothsava takes place. This mantapa was constructed by Shri Raghavendra Swamiji of Puthige Matha in the 16th century.